HK stocks touch highest point since 2022 amid continuing tech gains

Hong Kong stocks came just shy of the 25,000-point mark at close on Monday, after hitting their highest in three and a half years in the morning trade, as tech heavyweights continued their rallies.

The benchmark Hang Seng Index increased by 168 points, or 0.68 percent, to 24,994. It rose to as much as 25,010 points, the highest level since February 2022, in early morning trade.

The main board market turnover was HK$263 billion.

The Hang Seng Tech Index grew 0.84 percent to 5,585 points.

Alibaba (9988), Meituan (3690), and JD.com (9618) all rose more than 1.5 percent after the Chinese market regulator called for “rational competition” among food delivery firms.

Energy firms also performed well, with China Petroleum and Chemical (0386), the biggest gainer among blue chip stocks, rising 5.3 percent.

Analysts said the HSI could test the 25,000-point level again in the short term, but cautioned that the index has already logged significant gains since the second quarter without any meaningful correction.

Still, the Chinese government’s intervention to curb cutthroat competition among food delivery companies could support corporate profitability, potentially improving investor sentiment toward Hong Kong stocks, analysts believe.

In the mainland, the Shanghai Stock Exchange Composite Index rose 0.72 percent to 3,559 points and the Shenzhen Stock Exchange Component Index gained 0.86 percent to 11,007.

STAFF REPORTER